JC Penney Reports Stronger Sales; Profits

  • February 25, 2011
JC Penney says net income for its fourth-quarter increased 36% to $271 million, from $200 million in the same period last year, while sales gained 2.8% to $5.7 billion. Comparable-store sales rose 4.5% for the quarter, buoyed by a strong performance from the launch of exclusive brands such as Liz Claiborne, as well as other private-label initiatives. The Plano, Tex.-based chain says its Internet sales for the quarter came in at $495 million, a 6.7% gain. The company expects comparable store sales growth to be in the low- to mid- single digit range in the coming year.
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